3D Investment blames this on the underperformance of Square Enix’s console and mobile game sectors
No.
as well as exceptionally large write-downs related to cancelled games.
Yes.
Interestingly, they also consider the company’s arcade and publishing sectors to be “non-synergistic” businesses that are ultimately pulling down the company’s value with lackluster performance.
Fuck no.
Squenix's problem is that they keep going too big. They are trying to be a Sony or Nintendo, when they're really more of a Devolver. They have franchises with big fanbases, but they're trying to force their games to become COD levels of HUGE by just increasing the budget. And when the return doesn't keep up with investment, they keep missing the point.
It happened with Tomb Raider. It happened with Deus Ex. And it's happening with Final Fantasy. The games do have passionate fans, but they simply aren't for everyone. And that's not a bad thing.
What Squenix refuses to accept, is that they've hit a growth ceiling they can't break through by spending more. But instead of growing wider by diversifying with new IPs or more titles at more reasonable budgets, they keep trying to focus on their latest big thing and grow it taller and heavier than it can support.